More than half a million euro for new homes in Castlerea
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More than half a million euro in housing funding has been allocated to Castlerea for nine new homes.
Roscommon Galway Fianna Fáil TD Dr Martin Daly TD has welcomed the allocation of €601,000 under the Affordable Housing Fund to support the delivery of new Starter Purchase homes at Tarmon Manor in Castlerea.
The funding will support seven starter purchase homes and two Part V starter purchase homes, with delivery scheduled for 2026. The development will include a mix of two, three and four-bedroom homes.
“This is a welcome allocation for Castlerea and an important addition to the housing supply in the town,” Dr Daly said.
“There is a cohort of people who have a steady income and want to buy their own home, but for whom prevailing house prices and the cost of new construction have put home ownership increasingly beyond reach. The Affordable Housing Fund is intended to address that gap.
“An allocation of €601,000 at Tarmon Manor will allow these homes to be offered at a meaningful reduction on their market value. That is a tangible intervention and one which should make a real difference to prospective purchasers.”
He said it was important that the range of housing available in Castlerea continued to broaden.
“A functioning town needs social housing, private housing and realistic opportunities for people to purchase a home. This development adds to that mix,” he said.
“I welcome the allocation and look forward to the homes progressing to delivery in 2026.”
His party colleague Cllr Paschal Fitzmaurice said the funding was good news for working families over the threshold for social housing.
“I have been constantly campaigning Roscommon County Council to include affordable housing in Tarmon Manor Castlerea,” he said, adding that he had been campaigning for a long time on this issue.
“It is essential that all developments include affordable housing to given working Families a chance to own their own home,” he continued.
“Under the Starter Home Purchase Scheme, formerly the Affordable Purchase Scheme, local authorities make newly built homes available at a reduced price for first-time and other eligible buyers who cannot afford to purchase a home at its open market value with a maximum mortgage and 10% deposit.”
Under the scheme, the local authority takes a percentage equity share in the home equal to the difference between the open market value of the home and the reduced price paid. This means that if the purchaser buys a home at a 20% reduction on the open market value, the local authority will have a 20% equity share in the home.
The councillor said he was disappointed that there would be no cost rental housing in this development.
“It seems cost rental is not working for most local authorities due to the enormous investment,” he said. “I welcome this news and hopefully it is successful.”
